President Xi Jinping says the signing of the AIIB agreement is a historic step forward in building the China-initiated multilateral bank.

President Xi Jinping says the signing of the AIIB agreement is a historic step forward in building the China-initiated multilateral bank.

President Xi made the remarks on Monday, while meeting representatives of the 57 prospective founding member countries in Beijing. He said the signing marks founding members' commitments to "solidarity, cooperation, openness, inclusiveness and quest for common development."

Xi also said that China's economic and social developments have benefited from the support of multilateral banks such as the World Bank and the Asian Development Bank as well as other countries. Therefore, he said China will continue to support existing multilateral banks.

The proposal of the AIIB is also aimed at promoting current institutions to better meet the requirements of member countries amid global economic uncertainties. Among the speakers at the meeting include.

Vice-President of the Swiss Confederation and Head of Federal Department of Economic Affairs, Deputy Prime Minister and Minister of Finance of New Zealand, and Deputy Prime Minister and Finance Minister of the Republic of Korea.

They lauded the AIIB as timely and important, adding that along with China's "Belt and Road Initiative", the bank would help address regional infrastructure bottlenecks and capital constraints, and enhance regional trade connections and interconnectivity. In particular, they said, the proposals would assist countries with weak infrastructure.

They believe the AIIB will become a pragmatic and efficient member among international financial institutions. Chinese President Xi Jinping also took a group photo with the delegates.

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